Phivida Holdings (CSE: VIDA) New Listing

The company raised gross proceeds of $5,750,000 by way of a prospectus offering of 14,375,000 units, including the over-allotment, priced at $0.40 per unit. The company intends to use the proceeds from the offering to begin full-scale manufacturing, marketingand distribution of Phivida Nutrition and Phivida Enhanced products.

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Video Transcript:

Phivida Holdings is the latest new listing on the Canadian Securities Exchange, trading under the symbol “VIDA”.

The company raised gross proceeds of $5,750,000 by way of a prospectus offering of 14,375,000 units, including the over-allotment, priced at $0.40 per unit.

Each unit consisted of 1 share and one-half a warrant, with each full warrant exercisable at $0.75 for 24 months, subject to an acceleration clause.

Canaccord Genuity acted as lead agent, along with Mackie Research Capital and Haywood Securities as agents for the offering.

The company intends to use the proceeds from the offering to begin full-scale manufacturing, marketing
and distribution of Phivida Nutrition and Phivida Enhanced products.

Phivida Nutrition products will consist of custom formulated hemp oil infused beverages that include a proprietary blend of nutraceuticals and infused with nanoencapsulated hemp oil extracts.

Phivida Enhanced products will be marketed under the Vida+ brand name as functional foods and supplement nutraceuticals and capture a share of the US CBD hemp oil market.

John-David Belfontaine, CEO, stated: “The clinical research on cannabinoids has already captured the attention of health care practitioners, regulators, professional athletes and the media, which is why investors are so keenly interested in the industry. One of the factors that sets Phivida apart is our unwavering support for research and education into this important field of health and wellness, and our commitment to apply what we learn to benefit families.”

The shares are trading at $1.15, and with 27.1 million shares outstanding, the company is capitalized at $31.2 million.